India's manufacturing sector, as per the HSBC India Manufacturing PMI®, soared to a 16-year high of 59.1 in March, reflecting robust expansion. Notably, new orders and output surged, with growth across consumer, intermediate, and investment goods sectors. Input purchases rose significantly, indicating preparations for future sales uptick. Despite increased costs for materials like cotton and steel, output charge inflation softened. The outlook remains optimistic, with 28% of firms forecasting growth. The data suggests strong momentum in manufacturing, underpinning a positive economic outlook, contingent on managing cost pressures and sustaining growth.
India's Services PMI for March 2024 surged to 61.2, indicating robust expansion in the service sector, with the Business Activity Index marking one of the strongest growth rates in over 13-and-a-half years. New order intakes soared, with a notable uptick in new export business, expanding at the fastest rate since September 2014. However, rising cost pressures persisted, with input costs increasing at a marked pace. Despite these challenges, the employment index remained strong, reflecting sustained job creation. The Services PMI not only underscores the resilience of India's service economy but also highlights the imperative of managing costs effectively to sustain growth momentum. Overall, the data paints a promising picture of economic vitality, with the service sector playing a pivotal role in driving India's growth trajectory.
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